Envestnet Asset Management Inc. Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Envestnet Asset Management Inc. increased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 30.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 457,521 shares of the company's stock after purchasing an additional 105,480 shares during the quarter. Envestnet Asset Management Inc. owned 0.05% of DraftKings worth $15,194,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in DKNG. Raiffeisen Bank International AG purchased a new stake in shares of DraftKings during the fourth quarter worth $25,000. FNY Investment Advisers LLC bought a new position in DraftKings in the 1st quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC bought a new position in DraftKings during the first quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the 4th quarter valued at $28,000. Finally, GPS Wealth Strategies Group LLC boosted its holdings in DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG traded down $0.22 during mid-day trading on Friday, hitting $43.72. The stock had a trading volume of 4,734,238 shares, compared to its average volume of 9,722,724. The company's 50 day simple moving average is $38.97 and its 200 day simple moving average is $38.83. The stock has a market cap of $38.88 billion, a price-to-earnings ratio of -52.67, a PEG ratio of 1.38 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director directly owned 5,947 shares in the company, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer directly owned 171,268 shares of the company's stock, valued at $6,297,524.36. The trade was a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock worth $19,748,622 in the last ninety days. 51.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on DKNG shares. Mizuho lowered their target price on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Sanford C. Bernstein initiated coverage on DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price for the company. Morgan Stanley restated an "overweight" rating and issued a $52.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Northland Securities set a $50.00 target price on shares of DraftKings in a research report on Friday, April 25th. Finally, Jefferies Financial Group cut their price target on shares of DraftKings from $60.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, July 3rd. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.10.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.